Posts tagged: increase

Japan Tobacco Aims to Boost Overseas Profit 10% as Domestic Demand Drops

Tweet Japan Tobacco Inc., the world’s third-largest publicly traded cigarette maker, aims to boost overseas profit at least 10 percent as a tax increase damps demand at home. Japan Tobacco plans to increase sales in countries including Russia, Yasushi Shingai, executive vice president of the JT International SA unit, said in an interview on Feb. 10 in Tokyo, where the company is based. The cigarette maker will focus on its more profitable brand ... Jump to full article >>

Legislators to consider cigarette tax increase

Tweet CHARLESTON – Bills being introduced in the West Virginia Legislature would put a $1 tax hike on a pack of cigarettes. However, some local legislators are doubtful the bills will make it to a full vote. Senate Bill 362 and House Bill 2973 would raise the tax on a pack of cigarettes from 55 cents to $1.55 and would raise the tax on smokeless tobacco from seven to 50 percent of the wholesale price of each item. The tax is expected to bri ... Jump to full article >>

Higher tobacco taxes increase revenue — for smugglers

Tweet Raising California’s cigarette tax has been proposed as a relatively painless way to finance medical research and shrink the state budget shortfall. But do higher taxes mean higher revenues? Not necessarily. Oakland mayoral candidate Don Perata wrote in the Mercury News July 8 that his 2012 statewide ballot measure to raise the tobacco excise tax by $1 per pack would generate $855 million annually for cancer research. Similarly rosy p ... Jump to full article >>

Seneca: Cigarette tax bill is a throwback to ‘termination era’

Tweet A bill passed by the New York State legislature to force Indian businesses to collect state taxes on cigarettes sold on reservations violates treaty rights and won’t work, Indian leaders said. Approved June 21 by 77-64 in the Assembly and 32-30 in the Senate, the bill requires all cigarettes sold on Indian reservations to have “an affixed cigarette stamp.” The state excise tax on cigarettes will increase from $2.75 a pack to $4.35 a p ... Jump to full article >>

Legislature approves cigarette tax increase

Tweet Cigarette taxes imposed in New York will become the nation’s highest under a measure approved Monday by the state Legislature, and the state will end two decades of debate by requiring the collection of taxes on cigarette sales by Indian retailers. The moves against the tobacco industry and Indian cigarette merchants were driven by a revenue-finding frenzy — in this case, $440 million worth of added tax receipts — by Gov. David A ... Jump to full article >>

Budget 2010: how much will taxes rise?

Tweet Taxes are certain to go up in next week’s emergency Budget as the Government gets to grip with Britain’s vast pile of debt. The question is, which taxes will rise, and by how much? In some cases we already have a good idea – the Coalition is going ahead with rises in employees’ National Insurance, for example. But given the size of the deficit, the Chancellor, George Osborne, is certain to have other rises in mind. We a ... Jump to full article >>

Rocky Mount backs off plan for cigarette tax

Tweet The struggling economy and a petition swayed the Rocky Mount Town Council to abandon a 10-cents-per-pack tax increase on cigarettes. The council unanimously agreed Monday not to levy the cigarette tax. It also approved the town’s $9.8 million 2010-11 operating budget. “It’s a tough time out here,” said Councilman Robert Strickler. He said he worried what the cigarette tax could do to businesses. Only one person spoke ... Jump to full article >>

Override Sanford mistake

Tweet As expected, on Tuesday Gov. Mark Sanford vetoed a cigarette tax increase that would help fund the state’s Medicaid program, again citing his demand to reduce another tax by an equal amount. The governor is consistent on the cigarette tax, even if he’s consistently wrong. In his veto message, Mr. Sanford said his opposition to the tax was taken on behalf of “working South Carolinians.” That would have been better exp ... Jump to full article >>

General Election 2010: hidden tax rises awaiting voters

Tweet Labour would need to increase taxes by an average of more than £200 for every family, in addition to rises already announced, to meet its financial commitments, the Institute of Fiscal Studies has said. The Government has already announced increases of £550 a year per household to be introduced over the next 12 months. The economists said Labour had still to announce another £7 billion of rises, meaning that taxes would rise by £24 bil ... Jump to full article >>

House approves cigarette tax increase

Tweet The S.C. House approved a 50-cent increase to the state’s lowest-in-the-nation cigarette tax Wednesday. But lawmakers are uncertain if they have enough votes to overturn an expected veto by Gov. Mark Sanford. The version approved by the House keeps the basics of a previously approved Senate cigarette tax hike: The 50-cents-a-pack tax would bring in an estimated $136.1 million a year. The money would go to help pay for Medicaid, the s ... Jump to full article >>